Stock Market Live Update: Opinion of Sudeep Shah of SBI Securities on Bank Nifty
Sudeep Shah said that like Nifty, Bank Nifty also traded in a very tight range for most of the day today and closed at 60,238 with a rise of 0.33 percent. The zone of 58,800–58,900 remains a strong support area, which it has successfully held in the last two trading sessions. Holding above this zone kept the larger structure intact, even if momentum slowed.
Immediate resistance for Bank Nifty lies in 60,500–60,600 zone. This is an important supply area for this. Any sustainable move above this zone could take the index higher towards 61,000 and then 61,300 in the near term. On the downside, the zone of 59,800–59,700 may act as a strong support.